Includes index.

Contents: 1. Foundations of economics: Scarcity and choice -- Resolving the problem of scarcity -- Demand and supply -- Markets and equilibrium -- Economic institutions: households, firms and government -- 2. Measuring economic performance: Unemployment and inflation -- Gross National Product (GNP) -- Keynesian macroeconomics: Macroeconomics before Keynes -- Aggregate expenditures: consumption, Government and foreign spending -- Equilibrium level of output, employment and income -- Fiscal policy: Government taxing and spending -- 4. Money, monetary theory and monetary policy: Money and its creation -- The Federal reserve system and financial institutions -- Monetary theory and policy -- Financing Government: deficits and public debt -- 5. Challenges to macroeconomic policy-making: Aggregate demand and supply -- The Policymaker's dilemma -- Limitations of stabilization policy -- Economic growth and development -- 6. Core concepts of microeconomics: Elasticity and marginalism -- The Foundations of consumer choice -- Foundations of producer decision making -- 7. The Structure of product markets: The Competitive ideal -- Monopoly -- Monopolistic competition and oligopoly -- Antitrust policy: reducing monopoly power -- The Role of Government regulation -- 8. Production and markets for resources: Wages and employment in competitive labor markets -- Labor markets: monopoly power, monopsony power and labor unions -- Rent, interest, profits and capitalization -- 9. The Microeconomics of Government policy: Market failures and public microeconomics -- Public choice -- Externalities and environmental economics -- The Economics of agriculture -- Redistribution of income and wealth -- 10. The International economy: International trade -- International finance -- Capitalism and its alternatives --